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I know that these are the correct answers for the following questions but PLS PROVIDE A STEP BY STEP GUIDE : a) 2021 depreciation exp:
I know that these are the correct answers for the following questions but PLS PROVIDE A STEP BY STEP GUIDE:
a) 2021 depreciation exp: 3500
2022 depreciation exp: 7000
b) 2021 depreciation exp: 5600
2022 depreciation exp: 9800
c. 2021 depreciation exp: 7500
2022 depreciation exp: 11250
d. 2021 depreciation exp: 8400
2022 depreciation exp: 8960
Example 1. Depreciation methods On July 1, 2021, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the machine to operate for 10,000 hours. a) Calculate depreciation expense for 2021 and 2022 using straight line method. b) Calculate depreciation expense for 2021 and 2022 using sum-of-the-years-digits method. c) Calculate depreciation expense for 2021 and 2022 using double-declining balance method. d) Assume the operation hours of the machine was 3,000 hours in 2021 and 3,200 hours in 2022, calculate depreciation expense for 2021 and 2022 using the unit of production methodStep by Step Solution
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